Islamic Economics has been in existence right from the period of Qur’anic revelation. As it has explained in the chapter, Economics is all about the relationship between “ends” which are the unlimited needs and wants that will make one prepare a scale of preference, and “mean” which is the available resources to be used in achieving those ends.
Firstly, Islamic Economics is built upon some set of concepts and principles derived from the Holy Qur’an such as unity (Tawhid), vicegerency (Khilafah), and will and responsibility Concepts, the existing principles are moderation, economic efficiency, and social justice. Similarly, in bridging the income inequality gap, Islam has identified the methods as it was explained in the chapter. In addition, Islam has emphasized earning from lawful sources by explaining the unlawful from lawful ones. However, Islam has described the guidelines to be adopted by both the rich and the poor in order to live in a peaceful manner and be successful in the Hereafter. Furthermore, the chapter also discussed the classical meaning of poverty as well as Islamic meaning, the Islamic spiritual poverty alleviation at the same time the Islamic financial tools used in eradicating poverty.
